Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following table summarizes disaggregated revenue information by geographic area based upon the customer's country of domicile (in thousands):

	Three-months Ended				Six-months Ended
	June 30, 2024		July 2, 2023		June 30, 2024		July 2, 2023
Americas	$	85,162	$	82,297	$	168,297	$	162,911
Europe	57,151		56,860		109,505		116,702
Greater China	54,410		72,351		84,459		105,351
Other Asia	42,569		31,004		87,828		58,672
	$	239,292	$	242,512	$	450,089	$	443,636

The following table summarizes disaggregated revenue information by revenue type (in thousands):

	Three-months Ended				Six-months Ended
	June 30, 2024		July 2, 2023		June 30, 2024		July 2, 2023
Standard products and services	$	200,856	$	194,944	$	388,488	$	385,727
Application-specific customer solutions	38,436		47,568		61,601		57,909
	$	239,292	$	242,512	$	450,089	$	443,636

Costs to Fulfill a Contract

Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $11,310,000 and $13,265,000 as of June 30, 2024 and December 31, 2023, respectively.

Accounts Receivable, Contract Assets, and Contract Liabilities

Accounts receivable represent amounts billed and currently due from customers which are reported at their net estimated realizable value. The Company maintains an allowance against its accounts receivable for credit losses. Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing for certain application-specific customer solutions contracts. Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition.

The following table summarizes the allowance for credit losses activity for the six-month period ended June 30, 2024 (in thousands):

Balance as of December 31, 2023	$	583
Increases to the allowance for credit losses	100
Write-offs, net of recoveries	(19)
Foreign exchange rate changes	1
Balance as of June 30, 2024	$	665

The following table summarizes the deferred revenue and customer deposits activity for the six-month period ended June 30, 2024 (in thousands):

Balance as of December 31, 2023	$	31,525
Deferral of revenue billed in the current period, net of recognition	30,777
Recognition of revenue deferred in prior period	(21,271)
Foreign exchange rate changes	(502)
Balance as of June 30, 2024	$	40,529

As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations for our contracts that have an original expected duration of less than one year. The remaining unsatisfied performance obligations for our contracts that have an original expected duration of more than one year, primarily related to extended warranties, are not material.